The Tao's definitions
It is slang for anal sex.   The peanut butter is feces, and the jelly is KY Jelly.   That's why a baseball bat is mentioned.
"It's peanut-butter jelly-time, peanut-butter-jelly-time, ...peanut butter jelly with a baseball bat."
by The Tao October 24, 2008
 Get the PEANUT-BUTTER-JELLY-TIMEmug.
Get the PEANUT-BUTTER-JELLY-TIMEmug. Anal sex.  Also known as "Santorum-time."  Santorum meaning "that frothy mixture of lube and fecal matter that is sometimes the byproduct of anal sex."
by The Tao October 23, 2008
 Get the peanut-butter-jelly-timemug.
Get the peanut-butter-jelly-timemug.